The Biden Administration on Wednesday begged OPEC to boost production as gas prices rise.
“The president recognizes that gas prices can put a pinch on the family budget,” a senior White House official, who asked not to be identified told CNBC. “He’d like his administration to use whatever tools that it has to help address the cost of gas, to help bring those prices down.”
Except for drilling in Alaska or finishing the Keystone XL Pipeline.
Joe Biden’s first order of business was to cancel the Keystone XL pipeline and stop drilling.
Gas prices have spiked since Joe Biden was installed in January.
The national average for a gallon of gas is $3.186 – over a $1 per gallon increase in the last year.
Now Biden is begging OPEC and its allies to increase oil production.
The Biden Admin is also calling on the FTC to “monitor the U.S. gasoline market” and “address any illegal conduct that might be contributing to price increases for consumers at the pump.”
CNBC reported:
The White House is calling on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices, amid concerns that rising inflation could derail the economic recovery from Covid.
The White House said the group’s July agreement to boost production by 400,000 barrels per day on a monthly basis beginning in August and stretching into 2022 is “simply not enough” during a “critical moment in the global recovery.”
“We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices,” National Security Advisor Jake Sullivan said in the statement obtained by CNBC. “Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.”
The letter from the National Economic Council to the FTC urges the regulatory body to look into the factors contributing to the rise in gas prices in an effort to ensure that consumers aren’t footing an unfair bill.
“With its suite of tools to monitor industry prices, review merger-and-acquisition activity, conduct market studies, and investigate market manipulation and anti-competitive practices, the FTC is well placed to lead the effort to evaluate what is happening in the U.S. gasoline market and take any necessary steps to address illegal conduct,” the letter said.
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